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Working Paper
Optimal Taxation, Marriage, Home Production, and Family Labor Supply
Gayle, George-Levi; Shephard, Andrew (2016-05-23)
An empirical approach to optimal income taxation design is developed within an equilibrium collective marriage market model with imperfectly transferable utility. Taxes distort labour supply and time allocation decisions, as well as marriage market outcomes, and the within household decision process. Using data from the American Community Survey and American Time Use Survey, we structurally estimate our model and explore empirical design problems. We consider the optimal design problem when the planner is able to condition taxes on marital status, as in the U.S. tax code, but we allow the ...
Working Papers , Paper 2016-10

Working Paper
Explaining Educational Attainment across Countries and over Time
Restuccia, Diego; Vandenbroucke, Guillaume (2014-11-01)
Consider the following facts. In 1950, the richest countries attained an average of 8 years of schooling whereas the poorest countries 1.3 years, a large 6-fold difference. By 2005, the difference in schooling declined to 2-fold because schooling increased faster in poor than in rich countries. What explains educational attainment differences across countries and their evolution over time? We consider an otherwise standard model of schooling featuring non- homothetic preferences and a labor supply margin to assess the quantitative contribution of productivity and life expectancy in explaining ...
Working Papers , Paper 2014-48

Working Paper
What is the source of the intergenerational correlation in earnings?
Soytas, Mehmet A.; Golan, Limor; Gayle, George-Levi (2015-08-24)
This paper uses a dynastic model of household behavior to estimate and decomposed the correlations in earnings across generations. The estimate model can explain 75% to 80% of the observed correlation in lifetime earnings between fathers and sons, mothers and daughters, and families across generations. The main results are that the family and division of labor within the household are the main source of the correlation across generation and not just assorting mating. The interaction of human capital accumulation in labor market, the nonlinear return to part-time versus full-time work, and the ...
Working Papers , Paper 2015-19

Working Paper
What Accounts for the Racial Gap in Time Allocation and Intergenerational Transmission of Human Capital?
Soytas, Mehmet A.; Gayle, George-Levi; Golan, Limor (2015-02-27)
This paper analyzes the sources of the racial difference in the intergenerational transmission of human capital by developing and estimating a dynastic model of parental time and monetary inputs in early childhood with endogenous fertility, home hours, labor supply, marriage, and divorce. It finds that the racial differences in the marriage matching patterns lead to racial differences in labor supply and home hours of couples. Although both the black-white labor market earnings and marriage market gaps are important sources of the black-white achievement gap, the assortative mating and ...
Working Papers , Paper 2015-18

Working Paper
Comparative Advantage and Moonlighting
Auray, Stéphane; Fuller, David L.; Vandenbroucke, Guillaume (2019-05-24)
The proportion of multiple jobholders (moonlighters) is negatively correlated with productivity (wages) in cross-sectional and time series data, but positively correlated with education. We develop a model of the labor market to understand these seemingly contradictory facts. An income e?ect explains the negative correlation with productivity while a comparative advantage of skilled workers explains the positive correlation with education. We provide empirical evidence of the comparative advantage in CPS data. We calibrate the model to 1994 data on multiple jobholdings, and assess its ability ...
Working Papers , Paper 2019-16

Working Paper
Estimation of Dynastic Life-Cycle Discrete Choice Models
Gayle, George-Levi; Golan, Limor; Soytas, Mehmet A. (2015-08-13)
This paper explores the estimation of a class of life-cycle discrete choice intergenerational models. It proposes a new semiparametric estimator. It shows that it is root-N-consistent and asymptotically normally distributed. We compare our estimator with a modified version of the full solution maximum likelihood estimator (MLE) in a Monte Carlo study. Our estimator performs comparably to the MLE in a finite sample but greatly reduces the computational cost. The paper documents that the quantity-quality trade-offs depend on the household composition and specialization in the household. Using ...
Working Papers , Paper 2015-20

Working Paper
Young Unskilled Women and the Earned Income Tax Credit: Insurance Without Disincentives?
Simpson, Nicole B.; Athreya, Kartik B.; Reilly, Devin (2014-04-14)
The Earned Income Tax Credit (EITC) is the single most important transfer program in place in the United States. An aspect of the EITC that has received little attention thus far is its role as a public insurance program. Yet, the structure of the EITC necessarily protects its primary class of recipients, unskilled single mothers, against major risks they face to both wages and changes in family structure. Our study provides the first quantitative statement about the insurance provided by the EITC. We study a dynamic model of consumption, savings, and labor supply in which households face ...
Working Paper , Paper 14-11

Report
Relative pay, productivity, and labor supply
Bracha, Anat (2016-10-01)
Relative pay ? earnings compared with the earnings of others doing a similar job, or compared with one?s earnings in the past ? affects how much individuals would like to work (labor supply) and their effort on the job; it therefore has implications for both employers and policy makers. A collection of recent studies shows that relative pay information, even when it is irrelevant, significantly affects labor supply and effort. This effect stems mainly from those who compare unfavorably, as essentially all studies find that awareness of earning less than others or less than in the past ...
Current Policy Perspectives , Paper 17-2

Working Paper
The Cross-Section of Labor Leverage and Equity Returns
Donangelo, Andres; Gourio, Francois; Kehrig, Matthias; Palacios, Miguel (2017-09-04)
Using a standard production model, we demonstrate theoretically that, even if labor is fully flexible, it generates a form of operating leverage if (a) wages are smoother than productivity and (b) the capital-labor elasticity of substitution is strictly less than one. Our model supports using labor share?the ratio of labor expenses to value added?as a proxy for labor leverage. We show evidence for conditions (a) and (b), and we demonstrate the economic significance of labor leverage: High labor-share firms have operating profits that are more sensitive to shocks, and they have higher expected ...
Working Paper Series , Paper WP-2017-22

Working Paper
Allocating Effort and Talent in Professional Labor Markets
Barlevy, Gadi; Neal, Derek (2016-03-04)
In many professional service firms, new associates work long hours while competing in up-or-out promotion contests. Our model explores why these firms require young professionals to take on heavy work loads while simultaneously facing significant risks of dismissal. We argue that the productivity of skilled partners in professional service firms (e.g. law, consulting, investment banking and public accounting) is quite large relative to the productivity of their peers who are competent and experienced but not well-suited to the partner role. Therefore, these firms adopt personnel policies that ...
Working Paper Series , Paper WP-2016-3

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